Research analysts who have asked questions during Pacific Airport earnings calls.
AM
Alan Macias
Bank of America
5 questions for PAC
Also covers: ASR, OMAB, VTMX
Guilherme Mendes
J.P. Morgan Chase & Co.
5 questions for PAC
Also covers: ASR, AZUL, CAAP +4 more
JS
Jens Spiess
Morgan Stanley
5 questions for PAC
Also covers: ASR, CPA, LTM +1 more
Fernanda Recchia
BTG Pactual
3 questions for PAC
Also covers: ASR, CAAP, IOCJY +1 more
JV
Jorge Vargas Cuadra
Grupo Bursátil Mexicano (GBM)
3 questions for PAC
Pablo Monsivais
Barclays
3 questions for PAC
Also covers: ASR, LTM, VLRS +1 more
Rodolfo Ramos
Bradesco BBI
3 questions for PAC
Also covers: ASR, OMAB, VTMX
AV
Alberto Valerio
UBS Group AG
2 questions for PAC
Also covers: ASR, AZUL, CPA +4 more
Daniela Guzman
Ashmore
2 questions for PAC
EM
Edson Margul
Sumacap
2 questions for PAC
EM
Edson Murguia
SummaCap
2 questions for PAC
ES
Enrique Sojo
Fundamenta Investments
2 questions for PAC
Also covers: ASR, VTMX
Gabriel Himelfarb
Bank of Nova Scotia
2 questions for PAC
JS
Jay Singh
Citigroup
2 questions for PAC
Also covers: CAAP, VLRS
JV
Jorge Vargas
GBM
2 questions for PAC
Also covers: VTMX
Pablo Ricalde Martinez
Santander
2 questions for PAC
Also covers: ASR, VTMX
RS
Rafael Simonetti
UBS Group AG
2 questions for PAC
Also covers: VLRS
Stephen Trent
Citigroup Inc.
2 questions for PAC
Also covers: AAL, AER, AL +14 more
Abraham Fuentes Salinas
Santander
1 question for PAC
Also covers: OMAB, VLRS, VTMX
BM
Bernardo Malpica
Banco Santander
1 question for PAC
EM
Ernst Mortenkotter
Grupo Bursátil Mexicano (GBM)
1 question for PAC
Also covers: ASR
GH
Gabriel Himmelfarb
Bank of Nova Scotia
1 question for PAC
Also covers: OMAB
GG
Guilherme G. Mendes
JPMorgan Chase & Co.
1 question for PAC
IS
Isabela Salazar
GBM
1 question for PAC
Juan Ponce
Bradesco BBI
1 question for PAC
Also covers: ASR, OMAB, VTMX
PR
Pablo Ricalde
Itaú Corretora de Valores S.A.
1 question for PAC
Also covers: ASR, OMAB, VIV +1 more
Recent press releases and 8-K filings for PAC.
Pacific Airport Reports January 2026 Passenger Traffic Decrease
PAC
Demand Weakening
- Grupo Aeroportuario del Pacífico (GAP) reported an overall 2.2% decrease in total terminal passenger traffic for January 2026 compared to January 2025, totaling 5,521.7 thousand passengers.
- The 12 Mexican airports operated by GAP experienced a 1.2% increase in total passenger traffic, with Guadalajara and Puerto Vallarta airports growing by 3.6% and 2.6% respectively.
- Jamaican airports, Montego Bay and Kingston, recorded significant decreases of 37.7% and 6.9% respectively, primarily due to disruptions caused by Hurricane Melissa.
- Seats available increased by 3.0% in January 2026 compared to January 2025, while load factors decreased from 83.9% to 79.7% during the same period.
1 day ago
Pacific Airport Group Reports December 2025 Passenger Traffic
PAC
Demand Weakening
New Projects/Investments
- Grupo Aeroportuario del Pacífico (PAC) reported a 0.1% increase in total terminal passenger traffic for December 2025 compared to December 2024, reaching 5,874.0 thousand passengers.
- For the full year 2025 (January-December), total terminal passenger traffic increased by 2.5% to 63,685.7 thousand passengers compared to the same period in 2024.
- Mexican airports operated by GAP saw a 4.2% increase in total passenger traffic in December 2025, with Guadalajara and Puerto Vallarta airports reporting growth of 9.2% and 4.0% respectively.
- Jamaican airports, Montego Bay and Kingston, experienced decreases of 43.8% and 2.9% respectively in December 2025, primarily due to disruptions caused by Hurricane Melissa.
- Available seats increased by 10.6% in December 2025 compared to December 2024, while load factors decreased from 85.5% to 77.4% during the same period.
Jan 6, 2026, 9:58 PM
Grupo Aeroportuario del Pacífico Reports December 2025 Passenger Traffic
PAC
Demand Weakening
New Projects/Investments
- Grupo Aeroportuario del Pacífico (GAP) reported a 0.1% increase in total terminal passenger traffic across all its airports in December 2025 compared to December 2024.
- The 12 Mexican airports operated by GAP experienced a 4.2% increase in total passenger traffic in December 2025 compared to the previous year, with Guadalajara and Puerto Vallarta growing by 9.2% and 4.0%, respectively.
- Jamaican airports, Montego Bay and Kingston, saw significant decreases of 43.8% and 2.9% in December 2025, respectively, primarily due to disruptions caused by Hurricane Melissa.
- Seats available increased by 10.6% in December 2025 compared to December 2024, while load factors decreased from 85.5% in December 2024 to 77.4% in December 2025.
- The company also announced new routes for several airports, including Guadalajara, Puerto Vallarta, Los Cabos, and Montego Bay.
Jan 6, 2026, 9:50 PM
Pacific Airport Group Shareholders Approve Business Combination
PAC
M&A
Proxy Vote Outcomes
New Projects/Investments
- Grupo Aeroportuario del Pacífico (GAP) shareholders approved the business combination of the Cross Border Xpress (CBX) and technical assistance and technology transfer services.
- The approval occurred during an Ordinary and Extraordinary General Shareholders’ Meeting with an 88.1% quorum, where approximately 96% of the votes cast were in favor.
- This transaction is expected to result in the issuance of approximately 90 million net new shares, increasing the estimated total shares outstanding from 505 million to 595 million.
Dec 11, 2025, 7:54 PM
Pacific Airport Group Reports November 2025 Passenger Traffic Decrease
PAC
Demand Weakening
New Projects/Investments
- Grupo Aeroportuario del Pacífico (PAC) reported a 2.0% decrease in total terminal passenger traffic in November 2025 compared to November 2024.
- This decline was largely due to a 73.4% decrease in passenger traffic at Montego Bay Airport, impacted by Hurricane Melissa, which struck on October 28, 2025.
- In contrast, GAP's 12 Mexican airports experienced a 3.5% increase in total terminal passengers during November 2025 compared to the previous year.
- For the period of January - November 2025, total terminal passengers across all GAP airports increased by 2.7% year-over-year.
Dec 4, 2025, 11:33 PM
Pacific Airport Group Announces Strategic Merger to Acquire Cross Border Xpress and Internalize Technical Assistance Services
PAC
M&A
New Projects/Investments
Accounting Changes
- Pacific Airport Group (GAP) announced a strategic merger to acquire 100% ownership of Cross Border Xpress (CBX) and internalize its technical assistance services.
- The acquisition of CBX is expected to diversify GAP's revenue with 100% USD-denominated non-aeronautical cash flows, increasing its share of USD revenue to approximately 27% and non-aeronautical revenue to 35% of pro-forma total revenue.
- The internalization of technical assistance services is projected to yield pre-tax annual savings equivalent to approximately 5% of Mexican airport EBITDA, or US$50.8 million for the LTM 9M25 period.
- The transaction will result in the issuance of approximately 90 million new Series B shares, increasing outstanding shares by about 18% and causing dilution for current Series B shareholders.
- The merger is subject to shareholder approval, with a vote scheduled for December 2025.
Nov 17, 2025, 11:00 AM
Grupo Aeroportuario del Pacífico Announces Integration of Cross Border Xpress and Internalization of Technical Assistance Agreement
PAC
M&A
New Projects/Investments
Revenue Acceleration/Inflection
- Grupo Aeroportuario del Pacífico (GAP) announced the simultaneous integration of Cross Border Xpress (CBX) and the internalization of its Technical Assistance Agreement.
- GAP will acquire 100% ownership of CBX and internalize the Technical Assistance Agreement by issuing roughly 90 million newly issued Series B shares (an 18% increment to current shares outstanding), paying approximately $290 million in cash, and assuming $74 million in debt.
- The transaction is expected to be immediately accretive on a free cash flow per share basis. On a pro forma 2024 basis, it is projected to increase GAP's EBITDA by approximately $139 million (a 14.3% uplift) to an estimated $1.1 billion.
- The internalization of the Technical Assistance Agreement is anticipated to generate pre-tax annual savings of approximately $15.8 million (equivalent to 5% of Mexican airport EBITDA) based on the last 12 months.
- Strategic shareholders receiving new shares will be subject to a 365-day lock-up period, with phased exceptions for selling portions of their shares after 90 and 180 days.
Nov 4, 2025, 2:00 PM
Grupo Aeroportuario del Pacífico Announces Integration of Cross Border Xpress and Internalization of Technical Assistance Agreement
PAC
M&A
New Projects/Investments
Revenue Acceleration/Inflection
- Grupo Aeroportuario del Pacífico (GAP) is undertaking a strategic transaction to integrate Cross Border Xpress (CBX) and internalize its Technical Assistance Agreement (TAA).
- GAP will acquire 100% ownership of CBX, with 75% through a merger involving the issuance of approximately 90 million newly issued Series B shares (an 18% increment to current shares outstanding) and the remaining 25% paid in cash.
- The transaction is projected to be immediately accretive on a free cash flow per share basis and increase pro forma EBITDA by approximately $139 million, or 14.3%, to an estimated $1.1 billion based on 2024 figures.
- Internalization of the TAA is expected to generate annual savings of approximately $50.8 million (last 12 months), equivalent to about 5% of Mexican airport EBITDA.
- CBX provides significant diversification with unregulated U.S. denominated non-aeronautical revenues (69% from ticket sales, 21% from parking, 10% from ancillary services) and will increase GAP's U.S. dollar revenue share from 20% to 27% on a 2024 pro forma basis.
Nov 4, 2025, 2:00 PM
Pacific Airport Proposes Cross Border Express Integration and Technical Agreement Internalization
PAC
M&A
New Projects/Investments
Revenue Acceleration/Inflection
- Grupo Aeroportuario del Pacífico (GAP) proposes the integration of Cross Border Express (CVX) and the internalization of its technical assessment agreement.
- The CVX integration is projected to increase GAP's EBITDA by approximately $139 million, an uplift of about 14.3%, resulting in an estimated pro forma EBITDA of $1.1 billion based on 2024 figures, and is expected to be immediately accretive on a free cash flow per share basis.
- Internalizing the technical assessment agreement is anticipated to save approximately 5% of EBITDA from Mexican airport concessions, equivalent to about 3% of consolidated EBITDA or $50.8 million for the last twelve months.
- The transaction aims to diversify GAP's business by increasing U.S. Dollar denominated revenues from 20% to 27% on a 2024 pro forma basis and streamlining its shareholder structure.
- The transaction will involve issuing approximately 90 million new shares for the majority stake and the internalization, with the remaining 25% of CVX to be acquired in a separate cash transaction that will be leveraged for tax benefits.
Nov 4, 2025, 2:00 PM
Pacific Airport Announces Integration of Cross Border Xpress and Internalization of Technical Assistance Agreement
PAC
M&A
New Projects/Investments
- Grupo Aeroportuario del Pacífico (GAP) announced the simultaneous integration of Cross Border Xpress (CBX) and the internalization of its Technical Assistance Agreement (TAA), aiming to accelerate growth, diversify revenue, and simplify its ownership structure.
- The transaction involves GAP obtaining 100% ownership of CBX and issuing approximately 90 million newly issued Series B shares, an 18% increment to current shares outstanding, with strategic shareholders receiving 100% consideration in these shares.
- The internalization of the TAA is expected to generate pre-tax annual savings equivalent to approximately 5% of Mexican airport EBITDA, or around $15.8 million in the last 12 months.
- On a pro forma basis using 2024 figures, the transaction is projected to increase GAP's EBITDA by approximately $139 million, an uplift of about 14.3%, bringing pro forma EBITDA to an estimated $1.1 billion. The transaction is expected to be immediately accretive on a free cash flow per share basis.
- The transaction is subject to approval by GAP shareholders, with a meeting anticipated in December.
Nov 4, 2025, 2:00 PM
Quarterly earnings call transcripts for Pacific Airport.
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